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Ovs has signed the binding investment agreement in Goldenpoint spa, an underwear, swimwear and hosiery company with 100 million euros in revenues. The agreement follows the letter of intent filed in February 2024 and provides for an initial investment of three million euros intended to subscribe to a convertible bond loan and the acquisition of 3% of the share capital of Goldenpoint.
Ovs’ plan envisages achieving control of the company in several stages with the option of increasing ownership to 100% in the next five years or so: by 31 July 2025, OVS will have the right to increase to 51% of the capital by converting the loan and exercising a share purchase option against the payment of a predetermined price, also payable in treasury shares. Subsequently, the group led by Stefano Beraldo will be able to acquire the remaining 49% through the exercise of put&call options, in a time window between 1 August 2026 and 31 July 2029. The related valuation will be based on a multiple of the Ebitda in line with the current OVS multipliers, from which the net financial position is subtracted.
Ovs, which already operates in the underwear and beachwear segment with a market share of 7.4%, aims to grow Goldenpoint – both in terms of revenues and Ebitfda, with a “good contribution to the consolidated results”, we read in a note – with a stronger commercial offer and with an investment in the network of stores which currently number 380.
The Veneto group, which closed its financial statements on January 31, communicated the preliminary data a few weeks ago: 2023 closed with sales increasing by 1.4% with the same surface area, and the adjusted ebitda slightly increasing compared to 180.2 million euros in 2022.